U.K.-based Macau Property Opportunities Fund Ltd. will redeem about US$50.5 million worth of its shares in a first compulsory redemption July 9.

The number of shares to be redeemed, at US$3.46 apiece, will be roughly 19% of the company's float as of July 9.

The aggregate amount is equivalent to roughly 62% of the net profits raised from the sale of the Senado Square project in Macau in March, according to a release. The company earlier said it would return to shareholders at least 50% of the net profits from the HK$800 million sale.

Macau Property intends to use the remainder of the sale proceeds as working capital.